Free Tennessee LLC Operating Agreement Templates

A Tennessee LLC Operating Agreement is a customized instrument that elaborates on the hierarchy of the LLC, explains how the members will act in various situations, and sets the short- and long-term aspirations of the business. Tennessee laws do not oblige LLC owners to draft and sign an operating agreement; yet, it is recommended to have one in place – the default regulations you comply with otherwise often do not suit businesses, so it would be reasonable to avoid them and create your own set of rules to follow. Moreover, it is a good idea to further safeguard the separation of the company assets and personal belongings of owners confirming the members are not liable for any financial troubles of the organization with their own property.

Tennessee LLC Operating Agreement Template Types

• Tennessee Single-Member LLC Operating Agreement Template. Consider writing a manual of rules you can always refer to whenever the LLC faces a challenge – besides, even a single owner can benefit from additional certification of their special tax status in the operating agreement;
• Tennessee Multi-Member LLC Operating Agreement Template. Whether you are starting a business with your close friends or opening a company with another business, it is essential to determine how you will resolve the issues inevitable for every company – decide what to do while you are on good terms and prevent financial loss in the future.

How to Form an LLC in Tennessee?

Here is what you need to do once you have made a decision to open an LLC in Tennessee:

1. Choose a person or organization that will carry out the responsibilities of your representative – authorities will send them formal documentation meant for your business. Note that you only may select a local resident or a company authorized to conduct transactions in the state.
2. Register the entity with the Secretary of State. To do it, you may send them the paperwork via traditional mail or send the required information online – do not forget to attach a payment or pay the fee with a credit card. There are two different application forms available for domestic and foreign entities respectively – make sure you fill out the right one.
3. Complete a Tennessee LLC Operating Agreement Template. While the contents of the document are up to the members in charge, it is recommended to cover the following details in writing: the main information about the company (its name, location, and strategic priorities for the nearest future and for the long run), the names of owners, their contributions to the capital, and their roles in the organization, the allocation of revenue and liabilities, the rights and obligations of managers hired to handle daily activities of the entity, and the steps to take whenever you need to update the existing internal records, formalize the departure of a member, or dissolve your business. The members are supposed to convene a meeting and negotiate the provisions later included in the instrument – you are free to amend the operating agreement whenever it is necessary. Do not file the papers with any governing bodies – simply keep the most recent version in your records.
4. To boost the credibility of your company and sign mutually beneficial contracts with financial institutions, business partners, investors, and customers, you need to obtain an employer identification number – contact the Internal Revenue Service to get one. Without this unique number, it will be impossible to employ individuals or open a bank account, so make it one of the key objectives upon the formation of the entity.

Haven't found the template you're looking for? Take a look at the related forms below:

• LLC Forms;
• Partnership Forms;
• Corporation Forms.